included in the bank balance is a collection of $510 on account from Brendan Ballou, a Guard Dog customer who pays the bank directly. Journalize the company's transactions that arise from the bank reconciliation. Include an explanation with each entry. Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
included in the bank balance is a collection of $510 on account from Brendan Ballou, a Guard Dog customer who pays the bank directly. Journalize the company's transactions that arise from the bank reconciliation. Include an explanation with each entry. Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Balance, December 31, 2018
$3,340
ADD:
Deposit in transit
100
3,440
LESS:
Outstanding checks
$400
400
Adjusted bank balance, December 31, 2018
$3,040
Book:
Balance, December 31, 2018
$2,540
ADD:
Bank collection
$510
Interest revenue
20
530
3,070
LESS:
Service charge
$30
30
Adjusted book balance, December 31, 2018
$3,040
Transcribed Image Text:Included in the bank balance is a collection of $510 on account from Brendan Ballou, a Guard Dog customer who pays the bank directly. Journalize the company's transactions that
arise from the bank reconciliation. Include an explanation with each entry.
Journalize the transactions in the order presented in the bank reconciliation. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
Dec.
31
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